Photo by Marek Studzinski on Unsplash

WHEAT
General Comments: Wheat markets closed higher on news that Russia was once again bombing Ukraine ports on the Black Sea and Danube River. Ukraine is now trying to load ships and exporting through the Black Sea and some ships have in fact been loaded at those ports. This makes a lot more Wheat available to the world at cheaper prices as Ukraine will not have to send Wheat via the EU land route at a much greater expense. Russia is still exporting and offering Wheat into the world market at $270.00 per ton and is getting quite a bit of business. Ukraine and the EU countries are offering as well and are getting new business due to the higher Russian prices. Demand has been poor for US Wheat as Russia production looks strong and exports from Russia have not abated and Ukraine is still exporting, although mostly over land through the EU at higher costs. Ukraine has lately shipped at least three loads of grain through the Black Sea after bombing a lot of Russian ships to allow for safe passage. Weather forecasts call for drier weather for Australia and Argentina, with production losses now expected for both countries.
Overnight News: The southern Great Plains should get isolated showers. Temperatures should be above normal. Northern areas should see isolated showers. Temperatures will average above normal. The Canadian Prairies should see scattered showers. Temperatures should average above normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 552, 541, and 534 December, with resistance at 583, 600, and 607 December. Trends in Kansas City are mixed. Support is at 663, 656, and 650 November, with resistance at 703, 712, and 716 December. Trends in Minneapolis are mixed. Support is at 717, 708, and 704 December, and resistance is at 752, 766, and 777 December.

RICE
General Comments: Rice closed lower again on follow through selling and recession fears about the US economy and the world economy. Ideas are that production will be less in this and coming reports. Yields are called average to below average in Texas and average so far in Arkansas as the harvest moves forward. The quality has been uneven with some crops affected by the extreme heat seen during the growing season. India will not allow Rice exports except for Basmati for now because not enough rain in some production areas. Northern areas are too wet and southern areas are too dry.
Overnight News: The Delta should get isolated showers, mostly near the Gulf coast. Temperatures should be above normal.
Chart Analysis: Trends are mixed. Support is at 1561, 1555, and 1542 November and resistance is at 1588, 1607, and 1629 November.

CORN AND OATS
General Comments: Corn closed higher and might finally be breaking out of the extended sideways range it has been in for months. Oats were lower in range trading. The Corn harvest is underway with yield reports showing good and bad results with no real trend evident. Farmers report no real sales of Corn as they wait for higher prices. Weather forecasts remain mostly dry but with moderate temperatures for the Midwest for the next week. The harvest is coming so moisture needs are less, and many producers report that Corn is shutting down early and that the harvest could start sooner than normal. Demand for US Corn in the world market has been very low and domestic demand has been weak due to reduced Cattle and other livestock production. The Brazil Corn harvest is underway and so export prices for Corn from Brazil are relatively cheap and Brazil is getting the business. That could change in the coming year is the growing conditions deteriorate in Brazil as is possible in an El Nino year.
Overnight News:
Chart Analysis: Trends in Corn are mixed to up with objectives of 512 and 534 December. Support is at 490, 483, and 478 December, and resistance is at 499, 507, and 527 December. Trends in Oats are mixed. Support is at 418, 410, and 394 December, and resistance is at 456, 465, and 480 December.

SOYBEANS
General Comments: Soybeans and both products closed lower last week and trends remain down on the daily and weekly charts. Weaker Crude Oil futures affected Soybean Oil and Soybean Meal was weaker on big production ideas as crushers crush for the oil these days due to higher petroleum futures. Initial yield results for the new crop show that production and yields are above and below APH data with no real trend showing just yet. The data has been called disappointing to traders as production appears to be less than expected so far this crop year. Weather forecasts call for dry conditions and below normal temperatures for the Midwest for the first half of the week. Ideas are that the top end of the yield potential is gone and severe damage is becoming possible in some areas. Brazil basis levels are still low, and the US is being shut out of the market for most importers, but the US is price competitive now. Brazil is still selling a lot of Soybeans to China and other countries and reports indicate that the availability of Brazil Soybeans might be ramping down.
Overnight News:
Chart Analysis: Trends in Soybeans are down with objectives of 1255 and 1223 November. Support is at 1262, 1257, and 1246 November, and resistance is at 1288, 1307, and 1322 November. Trends in Soybean Meal are down with objectives of 363.00 December. Support is at 367.00, 363.00, and 362.00 December, and resistance is at 380.00, 385.00, and 388.00 December. Trends in Soybean Oil are mixed to down with objectives of 5440 and 5280 December. Support is at 5470, 5380, and 5220 December, with resistance at 5870, 5990, and 6110 December.

CANOLA AND PALM OIL
General Comments: Palm Oil was lower last week on weakness in other vegetable oils and petroleum markets. Traders still think that El Nino will cause big production problems down the road and are holding out hopes for rallies in the future, but supplies appear to be very strong for now. Canola was lower in narrow range trading. Drier weather is generally forecast for the Prairies and the crops have been stressed, but some rain is falling now to maintain crop condition. Harvest is active and speculators were selling.
Overnight News:
Chart Analysis: Trends in Canola are mixed. Support is at 704.00, 694.00, and 684.00 November, with resistance at 729.00, 734.00, and 736.00 November. Trends in Palm Oil are mixed. Support is at 3460, 3530, and 3420 December, with resistance at 3640, 3750, and 3840 December.

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